Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

I-T Dept Searches 39 Locations to Check 'Tax Evasion' by BSE Brokers, Traders

The action also resulted in identification of the wrongful long-term capital gains taken in at least three penny stocks listed on the BSE, where the manipulated profits utilised by the beneficiaries aggregate to around Rs 2,000 crore.

PTI

Updated:December 7, 2019, 7:56 PM IST
facebookTwitter Pocket whatsapp
I-T Dept Searches 39 Locations to Check 'Tax Evasion' by BSE Brokers, Traders
Image for representation.

New Delhi: The income-tax (I-T) department has conducted searches at 39 locations to check alleged tax evasion by brokers and traders operating at the Bombay Stock Exchange in transactions worth about Rs 3,500 crore, the CBDT said on Saturday.

The policy-making body for the tax department said raids and survey operations were undertaken on December 3 at 39 locations in Mumbai, Kolkata, Kanpur, Delhi, Noida, Gurugram, Hyderabad and Ghaziabad.

The action was taken against brokers and traders who were involved in facilitating accommodation of profits/losses through reversal trades in illiquid stock options in equity derivative segment and also currency derivative segment on the BSE, the Central Board of Direct Taxes (CBDT) said in a statement.

"The action has unravelled the entire modus operandi which has been adopted by share brokers and traders to trade into the liquid stock options in equity derivative segment and thereby generate artificial losses/profit by executing reversal trades in a very short span of time," it said.

"By this contrived methodology, the unscrupulous entities have secured desired profits/losses, which is estimated to be more than Rs 3,500 crore," the CBDT said.

The action also resulted in identification of the wrongful long-term capital gains taken in at least three penny stocks listed on the BSE, where the manipulated profits utilised by the beneficiaries aggregate to around Rs 2,000 crore, it said, adding that unaccounted cash of Rs 1.20 crore was also seized after the raids.

The number of beneficiaries who have been benefitted by these manipulated transactions could be to the tune of a few thousand scattered across India and efforts are being made to identify them as also the corresponding quantum of income evaded, the CBDT said.

"Incriminating" evidence recovered during the searches and surveys is being examined for determination of contravention of the various direct tax laws, it added.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
Reliance 1,544.05 -2.32
TCS 2,161.20 -2.56
Bharti Airtel 507.85 1.57
HDFC Bank 1,260.30 -1.37
Kotak Mahindra 1,651.65 -2.72
Top Gainers
Company Price Change %Gain
Power Grid Corp 204.75 3.72
Bharti Airtel 507.85 1.57
Asian Paints 1,854.65 1.28
ICICI Bank 537.10 1.17
Larsen 1,313.45 0.68
Top Losers
Company Price Change %Gain
Kotak Mahindra 1,651.65 -2.72
TCS 2,161.20 -2.56
Reliance 1,544.05 -2.32
Bajaj Finance 4,168.60 -1.46
IndusInd Bank 1,332.00 -1.52

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results